44:1-53. Borrowing money and issuing bonds to establish or enlarge welfare-house

At any time after a vote by more than one county in favor of a district welfare-house as provided in this chapter, the boards of chosen freeholders may by joint resolution borrow money and issue bonds or other obligations therefor in the name of the counties concerned, and negotiate the same for the purpose of raising money necessary to carry out the provisions of this chapter for the purpose of establishing, altering or enlarging the district welfare-house or its appurtenances.

The procedure for the issuance of such bonds shall, except as otherwise provided in this chapter and to the extent of the purposes authorized in this chapter, be after the manner provided in article 1 of chapter 1 of the title Municipalities and Counties (s. 40:1-1 et seq.).

The bonds shall:

a. Be of a denomination of not less than one hundred dollars;

b. Bear interest at a rate not higher than six per cent;

c. Be denominated "District Welfare Bonds" of the counties to be named as obligated;

d. Be payable pro rata as by this chapter provided for the payment of cost and expenses;

e. Not be sold below par; and

f. Not be subject to taxation except for state purposes.

The respective counties jointly constructing, operating and maintaining the district welfare-house as provided in this chapter, excepting municipalities not participating, shall, in the manner indicated in the proceedings to bond the district, to be stated in the bonds, indicate the time, place and manner of payment of the principal and interest thereof, and be liable for the payment of such bonds, together with interest thereon in the proportion as in this chapter indicated for such cost and expense at the time of the adoption of the resolution of the board for the issuance thereof.